With some new updates for Unreal coming soon, I would like to know if I can just update the editor. Or do I have to Download the binaries and compile it again.
P.S. I’m a N00b when it comes to Linux. 
At the moment you will still have to compile the source again, once the Linux version is more stable there will be a Linux launcher and you’ll be able to install it like you do on Windows or Mac
It depends on the way you installed the first time and you distribution. Ill try and answer for the most common methods of installation. Read the following carefully and if you don’t know what something means or does ask. A mistake could break your current unreal installation.
If you used this guide A new, community-hosted Unreal Engine Wiki - Announcements - Epic Developer Community Forums Unreal can be updated by running the following commands from the UnrealEngine directory:
This will only download and recompile new and changed files.
If you installed using a precompiled package you will probably have to remove the packaged, download the update, and reinstall. The commands for this depend on the distribution and preferred package manager.
Okay, I’ll try that. I Did it that way so it should work. Going to back it up though. Took me 6 hours to download! Hope it works, I’ve been having problems with it recently.